Ireland financial crisis 2008

David Chance: Negative rates are here to stay as debt levels ramp up "Since 2013, Ireland has enjoyed a partial recovery.

The ELG Scheme provides for an unconditional and irrevocable State guarantee for certain eligible liabilities (including deposits over the €100,000 limit of the Deposit Guarantee Scheme) of up to five years in maturity incurr…

By August 2011 total liquidity funding for the six banks by the ECB and the Irish Central Bank came to about €150 billion; the largest and healthiest of the six, Bank of Ireland, then had a On 26 February 2013 the Minister for Finance announced the closure of the ELG Scheme to all new liabilities from midnight on 28 March 2013. I miss my children terribly everyday. The original bailout agreement marked a portion of the loaned money for any bank recapitalisations - again, this reflects the uncertainty over whether the PCAR stress tests in early 2011 would reveal further large funding needs. But on the ground, ordinary punters could sense the economic trouble and were not fobbed off by official reassurances that Irish banks were well capitalised, as their share prices continued to go south.There were reports of scared bank depositors taking out their savings, stuffing their cash into mattresses, or burying the money in the garden.In this feverish atmosphere, there was genuine concern about whether ATMs would work - and jokes that the "Insufficient Funds" message on a bank machine might refer to the bank itself.Panicking callers to RTÉ Radio 1's Liveline talked of taking thousands out of the banks, and putting it in the post office, where there was a higher deposit guarantee.

After this date, no new liabilities will be guaranteed under the ELG Scheme.

These became the heavily-photographed symbols of Celtic Tiger folly in newspapers across the world.The building workers were quickly joined by architects, engineers, estate agents and bank staff on the dole queues, or in the departure lounge of Dublin airport.According to the Nevin Economic Research Institute, nearly half a million people, including Irish-born and foreign workers, left Ireland in the six years after April 2008.We saw the emergence of a Skype generation of sons, daughters, parents and grandparents, communicating on computers with each other from the far flung corners of the earth.In the depths of recession, a Kerry mother told Review of the bereft feeling as the last of her sons in the construction business left the country for the United States.With her boys' shining GAA medals decorating the wall of her living room, she said: "It was dreadful, it really was. At the end of September 2010 the 2008 guarantee covering the six bailed out banks expired. We have turned the corner.

At one point, Joe Duffy asked a woman what it felt like to carry €70,000 down the street.Duffy said of the bankers: "If they come out with their hands on the Bible and say 'We''re not in trouble'', why should we believe them?

The plan would also see the Minister appoint 25% of the directors at each bank, whilst the banks had agreed to provide a 30% increase in mortgages for first time buyers and a 10% increase in loans to small and medium businesses as well as to hold-off on repossessions of mortgage holders for twelve months after they fall into arrears.At the end of September 2010 the 2008 guarantee covering the six bailed out banks expired.Just before the expiry of the guarantee, the covered banks faced a huge set of bond repayments - a result of most lenders only lending to the covered banks within the period of the original blanket guarantee - which resulted in a rapid and massive resort to ECB financing.By October 2010 Irish sovereign bond yields were above 7%, making further market borrowing unrealistic at a time when the government deficit was running at €16.7 billion.The Irish State assigned €17.5 billion to this 'bailout', an amount that was equal to the Total Discretionary Portfolio of the National Pensions Reserve Fund.While it is generally assumed that EU/IMF bailout was mainly for the banks, this was not ever the intention, and not reflected in the facts.

But for many, the wounds of the crash of 2008 remains sore. €12bn of cancelled Boeings to skew US Ireland trade data